acct review test 1

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created 6 years ago by lsudduth
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accounting
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1

A TYPE OF ACCOUNTING SYSTEM THAT PROVIDES FOR A SEPARATE RECORD OF COST OF EACH PARTICULAR QUANTITY OF PRODUCT THAT PASSES THROUGH THE FACTORY.

JOB ORDER COST SYSTEM

2

AN ACCOUNT IN THE WORK IN PROGRESS SUBSIDIARY LEDGER IN WHICH THE COSTS CHARGED TO A PARTICULAR JOB ORDER ARE RECORDED.

JOB COST SHEET

3

THE FORM OR ELECTRONIC TRANSMISSION USED BY A MANUFACTURING DEPARTMENT TO AUTHORIZE THE ISSUANCE OF MATERIALS FROM THE STOREROOM

MATERIALS REQUISITIONS

4

THE SUBSIDIARY LEDGER CONTAINING THE INDIVIDUAL ACCOUNTS FOR EACH TYPE OF MATERIAL

MATERIALS LEDGER

5

THE FORM OR ELECTRONIC TRANSMISSION USED BY THE RECEIVING PERSONNEL TO INDICATE THAT MATERIALS HAVE BEEN RECEIVED AND INSPECTED.

RECEIVING REPORT

6

THE FORM OF WHICH THE AMOUNT OF TIME SPENT BY EACH EMPLOYEE AND THE LABOR COST INCURRED FOR EACH INDIVIDUAL JOB, OR FOR FACTORY OVERHEAD, ARE RECORDED.

TIME TICKETS

7

THE PROCESS OF ASSIGNING INDIRECT COSTS TO A COST OBJECT, SUCH AS A JOB.

COST ALLOCATION

8

A MEASURE OF ACTIVITY THAT IS RELATED TO CHANGES IN COST AND IS USED IN THE DENOMINATOR IN CALCULATING THE PREDETERMINED FACTORY OVERHEAD RATE TO ASSIGN FACTORY OVERHEAD COSTS TO COST OBJECTS.

ACTIVITY BASE

9

THE RATE USED TO APPLY FACTORY OVERHEAD COSTS TO THE GOODS MANUFACTURED. THE RATE IS DETERMINED FROM BUDGETED OVERHEAD COST AND ESTIMATED ACTIVITY USAGE DATA AT THE BEGINNING OF THE FISCAL PERIOD.

PREDETERMINED FACTORY OVERHEAD RATE

10

THE AMOUNT OF FACTORY OVERHEAD APPLIED IN EXCESS OF THE ACTUAL FACTORY OVERHEAD COSTS INCURRED FOR PRODUCTION DURING A PERIOD.

OVER-APPLIED FACTORY OVERHEAD

11

AN ACCOUNTING FRAMEWORK BASED ON DETERMINING THE COST OF ACTIVITIES.

ACTIVITY-BASED COSTING

12

THE SUBSIDIARY LEDGER THAT CONTAINS THE INDIVIDUAL ACCOUNTS FOR EACH KIND OF COMMODITY OR PRODUCT PRODUCED.

FINISHED GOODS LEDGER

13

THOSE COSTS THAT ARE USED UP IN GENERATING REVENUE DURING THE CURRENT PERIOD AND THAT ARE NOT INVOLVED IN THE MANUFACTURING PROCESS.

PERIOD COSTS

14

A TYPE OF COST ACCOUNT SYSTEM IN WHICH COSTS ARE ACCUMULATED BY DEPARTMENT OR PROCESS WITHIN A FACTORY.

PROCESS COST SYSTEM